Union Budget: The construction sector has high expectations from the budget. What are their demands?
New Delhi : The year is good for building construction and buying a house. by residential area (accommodation area) Well done in 2022. Anarock Research has prepared a report on this. Accordingly, residential property sales in 2022 are expected to increase by more than 50 per cent as compared to 2021. But due to rising interest rates on home loans, rising cost of construction materials, buying a home has not been easy. Therefore the real estate sector from the Union Budget (Union Budget 2023) There are high expectations. He has made many demands for the customers to get cheap houses.
The home loan and real estate sector forms an important part of the Indian economy. Currently, the sector has been badly hit by the rise in interest rates on home loans and the cost of construction materials. Many customers want to buy a house and do not want to. In such a situation, the customers need a big relief.
Lenders require low interest rates and repayment policies to fuel the growth of the real estate sector. That’s why competition will come again in this sector. Consumers will get the option of better houses at cheaper rates. This is what customers expect from this budget.
IMGC officer Anuj Sharma gave this information. If home loans become cheaper, there will be better opportunities in this sector. For that the interest rate on home loan should be low. The Reserve Bank of India controls the interest rate. The interest rate depends on the policy of RBI.
Budget homes require a slightly more relaxed approach to the rules. There is also a demand to reduce the down payment for buying a house. It is also being demanded that banks should give relaxation in the rules regarding home loans to the customers.
According to experts, the reason for the slowdown in the real sector is the increase in interest rates on home loans and the impact on the real estate sector. The effect of increase in interest rate is visible. Therefore, the main demand of the Central Government is to give tax relief on interest rate on home loans under Rule 24(b).
The demand for tax relief of up to Rs 5 lakh on home loan interest has gained momentum. Central government should give relief to first time home buyers. They should be given tax relief. Therefore, experts in this field have expressed confidence that buying a house will provide a booster dose.
It is claimed that the current limit of Rs 45 lakh for the affordable housing scheme is not suitable for big cities. There is a demand to increase this limit to Rs 75 lakh.
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